Global Electric Motor demand is expected to foresee significant growth during the forecast period. North America to witness the highest growth
Global Electric Motor Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2019. The Electric Motor play an essential role in almost every applications such as HVAC systems, Pumps, Lathers, Fans and Blowers, Compressors, Crushers and Heavy-duty machinery.
The demand for Electric motors is witnessing an uptick on account of the rising demand for luxuries such as HVAC systems, IoT-enabled equipment, smart homes, and luxury cars as well. As per Statista, the number of smart homes would reach 258.54 mn by 2021. Also, the growing demand for smart home products is adding pace to the growth of the market. Approximately 90 million smart home and IoT units have been shipped worldwide by 2018. Also, 47% of US-based Millennials have at least one smart home product within their homes. Moreover, the government's regulations for energy efficiency across countries are leading to the growing demand for the replacement of the existing motors. As per IEA, Using air conditioners and electric fans to stay cool accounts for nearly 20% of the total electricity used in buildings around the world today. The rising demand for space cooling is also putting enormous strain on electricity systems in many countries, as well as driving up emissions. Moreover, the demand for Air-conditioners reached 110.97 million units in 2018, as revealed by JRAIA
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Due to the lockdown situation and in compliance with directives from the government, a lot of strain was put on the manufacturing industry. The production rates fell in the year 2020 in the key downstream industries. To begin with, lower production due to lower off take along with labor shortage and low stocks of raw material were the major issues faced during the covid-19 shock. Moreover, in some countries, the manufacturing activities were at a complete halt where the cases were soaring. Thus, the manufacturing companies downscaled their production and enforced new rules and regulations for social distancing to limit the risk of getting impacted.
Based on Product Type, the market is fragmented into AC, DC, and Hermetic Motor. The AC segment dominated the market in 2020 accounted for XX% and is anticipated to maintain its dominance during the forecast period owing to the variety of applications due to their flexibility, efficiency, longevity, and quiet operation. Some of the general uses for AC motors include pumps, water heaters, lawn and garden equipment, ovens, and off-road motorized equipment. Moreover, many of the appliances, equipment, and tools that are used on daily basis are powered by an AC motor.
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Based on the Output Power, the market is mainly fragmented into IHP and FHP. The FHP segment dominated the market in 2020 and gathered XX% in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. The market of the FHP segment is witnessing an up-tick on account of the rising small-scale industries such as Pulp and paper, textile mills, warehouses, and other applications as well. In North America, the volume of printing and writing paper production was 14,809,802 tons in 1Q2020, 13,398,857 tons in 2Q 2020, and 12,374,084 tons in 3Q 2020 respectively.
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Additionally, the report provides detailed initiatives that are being taken in the field of Electric Motors. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America dominated the market with US$ XX million in 2020 owing to the emerging demand for vehicles in the region. As per OICA, America reports a 20% share of the global production with 15.7 million units.
Global Electric Motor Market Segmentation
Market Insight, by Type
- AC Motor
- DC Motor
- Hermetic Motor
Market Insight, by Output Power Type
- IHP (Above 1 HP)
- FHP ( Unto 1 HP)
Market Insight, by Voltage Range
- 9 V & below
- 10-20 V
- 21-60 V
- 60 V & Above
Market Insight, by Application
- Industrial Machinery
- Motor Vehicle
- HVAC Equipment
- Aerospace & Transportation
- Household Appliances
Market Insight, by Rotor Type
Market Insight, by Speed Type
- Low-speed (less than 1,000 rpm)
- Medium-speed (1001-25,000 rpm)
- High-speed (25,001-75,000 rpm)
- Ultrahigh-speed (greater than 75,000 rpm
Market Insight, by Region
- North America Electric Motor Market
- United States
- Rest of North America
- Europe Electric Motor Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Electric Motor Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Electric Motor Market
Top Company Profiles
- ABB Group
- ARC Systems, Inc.
- Asmo Co., Ltd.
- Brook Crompton UK Ltd.
- Dr. Fritz Faulhaber GmbH
- Emerson Electric
- Maxon Motors AG
- Regal Beloit Corporation
- Rockwell Automation, Inc.
- Siemens AG